Whether you’re hearing it from your parents, a friend, or a neighbor, everyone has their piece of advice when it comes to how to buy a home. But, how do you know who’s giving you trustworthy advice and who’s passing along a homebuying myth that someone told them? Unfortunately, there are a lot of myths floating around that can cause first time homebuyers to feel unsure or uneasy about their decision.
Maybe you’ve heard that you need to put 20% down to buy a home or that homebuying is seasonal and you need to wait for the right time of year. It’s possible someone told you that you’d have to pay off your student loans before you can apply for a mortgage. These and similar myths may have been true at one time or another but aren’t true today. Continue scrolling to find a helpful first time homebuyer infographic that debunks five popular homebuying myths so that you can start your homebuying journey off right.
Today, there are many different types of loans that do not require a 20% down payment, some with down payments starting as low as 3.5%.
Having student loans may make it more difficult to pay your mortgage, but they do not automatically disqualify you from receiving a loan.
Home buyers no longer need excellent credit scores to secure a mortgage loan. The minimum accepted score for most loans is 620, but there are loans available for those with credit scores as low as 500 (FHA loans).
Some seasons may be statistically better than others, they are really only minutely better. The real right time to buy is whenever is best for you.
Contrary to popular belief, owning a home is more affordable than renting in nearly two-thirds of the United States.1